CONFLUENCE INVESTMENT MANAGEMENT LLC
Long book
$6.44B
Q1 2026
Positions
283
Top-10 weight
24%
concentration
Last quarter
+5.7%
SPY +14.8%
Turnover
16%
of book per quarter
Strategy in plain words
auto-generated from filingsCONFLUENCE INVESTMENT MANAGEMENT LLC is an institutional manager, running a $6.44B US long book across 283 positions.
The portfolio is broadly diversified across 283 positions (top 10 only 24%). Turnover is modest: positions are typically held for years. Current anchor positions: ISHARES 0-3 MONTH TREASURY B, ANALOG DEVICES INC, LOCKHEED MARTIN CORP, CHEVRON CORP, SNAP-ON INC.
Over the last 9 quarters its long book ran on average 2.4pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-3.3%
Q2 2024
+10.0%
Q3 2024
-2.3%
Q4 2024
+1.9%
Q1 2025
+1.5%
Q2 2025
+3.6%
Q3 2025
-1.1%
Q4 2025
+2.5%
Q1 2026
+5.7%
Sector allocation
Financials 16%
Industrials 16%
Utilities 12%
Technology 11%
Consumer discretionary 8%
Other 8%
Services media 7%
Materials 6%
Long book by quarter
What does CONFLUENCE INVESTMENT own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| ADI ANALOG DEVICES INC | Technology | 540.6K | $172.0M | 2.7% | -7.7% |
| LMT LOCKHEED MARTIN CORP | Industrials | 269.6K | $163.0M | 2.5% | -5.5% |
| CVX CHEVRON CORP | Energy | 772.2K | $159.8M | 2.5% | -3.6% |
| SNA SNAP-ON INC | Industrials | 435.9K | $158.3M | 2.5% | -7.1% |
| CB CHUBB LTD | Financials | 482.0K | $157.1M | 2.4% | -5.7% |
| HSY HERSHEY CO/THE | Consumer staples | 690.3K | $143.5M | 2.2% | -1.1% |
| WEC WEC ENERGY GROUP INC | Utilities | 1.2M | $143.2M | 2.2% | -6.8% |
| LIN LINDE PLC | Materials | 283.1K | $140.3M | 2.2% | -4.8% |
| ETR ENTERGY CORP | Utilities | 1.2M | $138.1M | 2.1% | -4.5% |
| FAST FASTENAL CO | Consumer discretionary | 3.0M | $137.7M | 2.1% | -4.1% |
| SO SOUTHERN CO/THE | Utilities | 1.4M | $137.2M | 2.1% | -4.3% |
| MDLZ MONDELEZ INTERNATIONAL INC-A | Consumer staples | 2.1M | $121.8M | 1.9% | +21.3% |
| GILD GILEAD SCIENCES INC | Healthcare | 861.0K | $120.0M | 1.9% | -5.4% |
| CSCO CISCO SYSTEMS INC | Technology | 1.5M | $119.6M | 1.9% | -4.8% |
| KMI KINDER MORGAN INC | Utilities | 3.5M | $117.0M | 1.8% | -4.1% |
| PGR PROGRESSIVE CORP | Financials | 580.3K | $115.0M | 1.8% | -2.9% |
| HON HONEYWELL INTERNATIONAL INC | Industrials | 499.9K | $113.0M | 1.8% | -3.3% |
| AWK AMERICAN WATER WORKS CO INC | Utilities | 810.0K | $110.2M | 1.7% | +2.1% |
| CL COLGATE-PALMOLIVE CO | Other | 1.3M | $106.5M | 1.7% | -2.8% |
| HD HOME DEPOT INC | Consumer discretionary | 319.9K | $105.2M | 1.6% | -3.6% |
| CLX CLOROX COMPANY | Other | 932.6K | $96.6M | 1.5% | +20.1% |
| NTRS NORTHERN TRUST CORP | Financials | 680.3K | $94.9M | 1.5% | -38.3% |
| USB US BANCORP | Financials | 1.8M | $92.8M | 1.4% | -3.4% |
| FNF FIDELITY NATIONAL FINANCIAL | Financials | 2.0M | $90.8M | 1.4% | -4.1% |
| PAYX PAYCHEX INC | Services media | 969.8K | $89.3M | 1.4% | -1.8% |
| BR BROADRIDGE FINANCIAL SOLUTIO | Services media | 534.4K | $86.8M | 1.3% | -4.0% |
| TROW T ROWE PRICE GROUP INC | Financials | 963.2K | $86.8M | 1.3% | +2.1% |
| NDSN NORDSON CORP | Industrials | 308.3K | $82.0M | 1.3% | -6.2% |
| DOW DOW INC | Materials | 1.9M | $77.9M | 1.2% | +17.7% |
| WRB WR BERKLEY CORP | Financials | 1.1M | $73.8M | 1.1% | -5.8% |
| MA MASTERCARD INC - A | Services media | 146.5K | $73.2M | 1.1% | -5.7% |
| TJX TJX COMPANIES INC | Consumer discretionary | 446.5K | $71.3M | 1.1% | -22.7% |
| SYK STRYKER CORP | Healthcare | 208.1K | $68.4M | 1.1% | -5.1% |
| ACN ACCENTURE PLC-CL A | Services media | 340.8K | $67.6M | 1.0% | +2.6% |
| APD AIR PRODUCTS & CHEMICALS INC | Materials | 217.5K | $63.2M | 1.0% | +14.3% |
| ARCC ARES CAPITAL CORP | — | 3.4M | $61.9M | 1.0% | -3.0% |
| SPGI S&P GLOBAL INC | Services media | 134.3K | $57.1M | 0.9% | -4.2% |
| MSFT MICROSOFT CORP | Technology | 148.6K | $55.0M | 0.9% | -3.9% |
| ITW ILLINOIS TOOL WORKS | Industrials | 207.2K | $53.9M | 0.8% | -4.1% |
| KEYS KEYSIGHT TECHNOLOGIES IN | Technology | 179.5K | $50.7M | 0.8% | -46.3% |
| MAS MASCO CORP | Industrials | 828.6K | $50.0M | 0.8% | -4.0% |
| LOW LOWE'S COS INC | Consumer discretionary | 210.1K | $49.6M | 0.8% | -6.1% |
| GOOG ALPHABET INC-CL C | Technology | 172.9K | $49.6M | 0.8% | -5.3% |
| GGG GRACO INC | Industrials | 585.7K | $49.6M | 0.8% | -6.0% |
| PAYC PAYCOM SOFTWARE INC | Technology | 407.7K | $49.6M | 0.8% | +27.7% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 93.3K | $44.7M | 0.7% | -4.5% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 90.2K | $44.3M | 0.7% | -5.2% |
| NXPI NXP SEMICONDUCTORS NV | Technology | 219.8K | $43.3M | 0.7% | -3.7% |
| ACGL ARCH CAPITAL GROUP LTD | Financials | 364.1K | $34.9M | 0.5% | +1.2% |
| MLM MARTIN MARIETTA MATERIALS | Materials | 56.9K | $33.5M | 0.5% | -4.7% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 1, 2026 | 414 | $6.44B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 5, 2026 | 458 | $6.67B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 14, 2025 | 456 | $7.01B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 1, 2025 | 451 | $7.08B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 1, 2025 | 462 | $6.94B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 2, 2025 | 359 | $7.21B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 31, 2024 | 357 | $7.48B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 1, 2024 | 358 | $6.93B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 1, 2024 | 353 | $7.44B | canonical | SEC ↗ |
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